Business News

PNG APEC ready

By Fabian Hakalits – EM TV, Port Moresby 

Prime Minister Peter O’Neill is happy with the China-Pacific Islands Countries Economic Development Forum recently held in Fiji.

At the meeting Mr O’Neill said, Papua New Guinea is on the front to further enhance its long standing and growing relationship with China, after their support to assist with the 2018 Asia Pacific Economic Cooperation meeting.

The bilateral meeting with the China delegation led by People’s Republic of China President, Xi Jinping identified ways that both countries can partner to deliver the provision of goods and services.

A relationship PNG has maintained for almost forty years under the ‘One China Policy’.

Mr O’Neill said the visit is very significant and an indication of China’s desire to meaningfully engage with the Pacific Island countries as a global player, not only in business, trade and relation but for other issues likes security and climate change.

Various agreements were also exchanged that includes the

  • Economic and Trade Cooperation between PNG and China Government’s
  • Framework Agreement on the provision of Concessional Loan between the between PNG and China Government’s
  • Government Concessional Loan Agreement on Kokopo Town Sewerage between PNG Treasury Ministry as borrower and the Export-Import (EXIM) Bank of China as the Lender.
  • Preferential Buyer Credit Loan Agreement on National Broadband Network Project  between PNG Treasury Ministry and the EXIM Bank of China as Lender
  • Edevu Hydropower Plant Project Investment and Financing Framework among China Development Bank Corporation, China Railway Construction Engineering Group Corporation and PNG AG Investment Limited
  • Exchange of notes for affordable Housing Construction Project Investment and Financing Framework Agreement among China Development Bank Corporation, China Railway Construction Engineering Group and the PNG National Housing Corporation

Other issues discussed include access to the large Chinese market with zero tariffs on PNG export and air services agreement to make way for direct flights by Air Niugini to Beijing.

This will allow more Chinese tourists into the country, with expertise in business, commerce and investments, agriculture, fisheries, infrastructure development and mining.

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